Diapositivas 1º Bachillerato - Economía - PDF

# DIAPOSITIVAS 1º BACHILLERATO ## UNIDAD 8. LA MACROECONOMÍA. ### Contenido - La macroeconomía - La situación económica del país - El producto interior bruto (PIB) - La medición del PIB - La importancia del PIB: el crecimiento - Limitaciones del PIB como indicador de calidad de vida - La demand...

# DIAPOSITIVAS 1º BACHILLERATO ## UNIDAD 8. LA MACROECONOMÍA. ### Contenido - La macroeconomía - La situación económica del país - El producto interior bruto (PIB) - La medición del PIB - La importancia del PIB: el crecimiento - Limitaciones del PIB como indicador de calidad de vida - La demanda agregada - La oferta agregada - El equilibrio macroeconómico ## 1. LA MACROECONOMÍA La macroeconomía es la parte de la economía que estudia la suma de las decisiones de los agentes económicos (familias, empresas y Estado), es decir, estudia la economía en su conjunto. Por lo tanto, ya podemos entender las diferencias con la microeconomía, que es lo que hemos estudiado hasta ahora. ### MICRO-ECONOMÍA - Estudia decisiones individuales - Familias - Empresas - Su relación en los mercados ### MACRO-ECONOMÍA - Estudia la economía en conjunto: suma de decisiones. - Gasto total - Producción país - Desempleo ## Ejercicio de clase 1. ¿Micro o macro? Indica cual de estas noticias son estudiadas por la microeconomía y cuáles por la macroeconomía. - Jesús prefiere trabajar antes de seguir estudiando. - El Estado sube el impuesto de la renta. - La fruta subió de precio durante la pandemia. - La empresa Coca Cola despide a 360 trabajadores en España. - El Estado dará ayudas a bares y restaurantes.. - Los precios de la cesta de la compra son parecidos a los del año pasado. - La producción del país bajó un 11% en el último año. - El Estado sube los impuestos a la gasolina. ## 2. LA SITUACIÓN ECONÓMICA DEL PAÍS La situación económica general interesa mucho a familias, empresas y Estado. ### FAMILIAS - En una situación favorable, las familias son optimistas con el futuro y consumen más, lo que beneficia a que las empresas pueden ganar más dinero. ### EMPRESAS - Si la situación es buena, las empresas ampliarán sus negocios y contratarán más trabajadores. If the situation is bad, the opposite will happen and companies may lay off workers. ### ESTADO - The policies that the government will take will vary greatly depending on whether the economy does well or poorly. ## Objetivos macroeconómicos | Feature | Description | Measure | |---|---|---| | Crecimiento producción | A mayor producción de bienes, más necesidades satisfechas. | PIB | | Empleo | Having a job enables people to have a source of income. | Unemployment rate | | Stability prices | Rising prices harm those who have less. | IPC | | Budget balance | If the government spends too much, it will have to borrow money and pay interest. | Deficit Public | | External balance | When a country buys more from abroad than it sells there is an outflow of money. | Balance of payments | ## 3. EL PRODUCTO INTERIOR BRUTO (PIB) EL PRODUCTO INTERIOR BRUTO (PIB) is the total monetary value of the goods and services produced within the borders of a country, for the market, in a period of time, usually a year. ### Valor monetario total $ - In a specific time - For the market - Of goods and services - Finales - Within the borders of a country - Produced ## 1. Valor monetario total... $ The PIB adds up all the goods using their market price. That is, the value of all goods produced in euros (or dollars, pesos, etc.) is added. ## 2....of all the goods and services... The PIB adds up all the goods and all the services. ## 3. ...finals The PIB only counts the final goods, those sold to consumers. It does not count intermediate products, which companies buy to transform and make the final product. ## 5. ...within the borders of the country... The PIB measures the goods and services produced in Spain, regardless of whether the production is done by Spaniards or foreigners. ## 6. ...for the market... The PIB only counts goods and services produced for the market, and not services one does for oneself (like car washing), for example. ## 7. ...in a specific period. The PIB measures production over a specific time, usually a year. ## 4. LA MEDICIÓN DEL PIB. To calculate the PIB, we have three methods: ### MÉTODO GASTO We can divide production into four categories based on who buys the products. That is, the PIB BY THE GASTO METHOD is the sum of all spending made on goods and services by: households, companies, the public sector, and foreigners. - PIB = C + I + G + (X −M) - CONSUMO (C): Spending on goods and services purchased by households (excluding housing). - INVESTMENT (I): Spending by companies on equipment and households on homes. - PUBLIC SPENDING (G): Spending by the government on the purchase of goods, payments to personnel, and infrastructure. - NET EXPORTS (X-M): Is the spending of foreigners on the purchase of goods made within our country (exports) minus the spending by Spaniards outside of the country (imports). ### MÉTODO INGRESO O RENTA The PIB BY THE METHOD RENTA is the sum of all income or earnings that households receive for providing factors of production. - PIB = salaries + rents + interest + benefits - PIB = RA + EBE - SALARIES: Income that workers receive for their labor. - RENTS: Income received for the rental of land and other properties. - INTEREST: Income earned by those who lent their savings to companies and the government. - BENEFITS: Income earned by business owners after paying for salaries, rent, and interest. ### MÉTODO PRODUCCIÓN O VALOR AÑADIDO If we know that the PIB was calculated by adding the total amount that was bought up (metodo gasto), can we calculate PIB by summing all the sales? This would be possible if all businesses produced directly for the end consumer, that is, if there were no business-to-business purchases. When a company sells to another company, it is really selling an intermediate product, as the purchasing company will use this good or service to produce another. For example, some companies produce tires and sell them to car manufacturers. If we add up everything produced by both types of businesses, we would be counting the same product twice (the wheels are part of the car). That is, if we add the sales of tires and then the sale of a car, we would be counting the wheels twice. ## Equivalencia of PIB calculation methods - **MÉTODO GASTO:** Accounts for the purchase of products at their market price. This gives us the PIB at market prices (PIBpm). We must bear in mind that these market prices include indirect taxes when buying the product (such as VAT). - **MÉTODO INGRESO:** Accounts for the sum of all income generated in a country, is the cost of all factors of production. So, this method gives us the PIB at factor cost (PIBcf). Therefore, this PIBcf does NOT include indirect taxes. - **MÉTODO PRODUCCIÓN:** Accounts for the sum of value-added by all businesses, also at factor cost. ## ¡ATENCION!!! To make sure the three calculation methods are equivalent, we need to consider indirect taxes within the income and production methods. For example, to make sure that the Income Method and Production Method are equivalent to the PIBpm (PIB at market prices), we need to add indirect taxes (Ti) that are paid when buying the product and deduct subsidies. To do this, we use the following calculation: PIBcf + Ti - Subv = PIBpm The three methods lead to the same result (PIB at market prices). ## Anexo: magnitudes that arise from PIB - **Moving from market prices to factor cost (and vice versa)** - The PIB at market prices tells us the price the consumer pays. However, the PIB at factor cost shows us how much it cost to produce the product right out of the factory. - **Moving from gross to net (and vice versa)** - **Moving from domestic to national (and vice versa)** - The PIB measures what is produced within the borders of the country (by nationals or foreigners). However, the PNB (gross national product) measures what is produced by nationals (within or outside of the country). - **Moving from National to Per Capita** - **Dividing the PIB by the number of residents in a country.** ## 7. LA DEMANDA AGREGADA LA DEMANDA AGREGADA is the total demanded by consumers, companies, foreigners, and the government within a country at any given time. It is the sum of Consumption, Investment, Public Spending, and Net Exports. This is the TOTAL SPENDING. - DA = C + I + G + (X-M) ## The curve of Aggregate Demand The AGGREGATE DEMAND CURVE tells us how much is demanded of goods and services by all economic agents at each price level. ## Changes in Aggregate Demand Aggregate demand will shift whenever there is a change in one of its four components, including: consumption, investment, public spending, and net exports. - **1. General price level**. - If the average price level of the economy falls, economic agents will have greater purchasing power (can buy more things with the same income) and the DA will increase. - If prices rise, the DA will decrease.. - **2. Expectations** - If companies believe that the economy will improve, they will invest more. If consumers believe that they will earn more money in the future, they will spend more. - Increased expectations increase DA, and decreased expectations decrease DA. - **3. Changes in wealth** - **4. Interest rates (monetary policy)** - If interest rates fall, households and companies borrow more, which increases consumption and investment, which increases DA. - If interest rates rise, less is borrowed, and DA falls. - **5. Public spending (fiscal policy)** - If the government decides to increase spending, DA increases. - Decreasing public spending will have the opposite effect. - **6. Taxes and transfers (fiscal policy)** - If the government reduces taxes and increases transfers, households will have more income and they will spend more. - Companies increase investments and DA increases. If taxes go up and transfers are reduced, DA falls. - **7. Net Exports** - If exports rise, there is more spending within the country, and DA increases. - The same happens if imports decrease. - If there is a larger difference between exports and imports (net exports), there will be an increase in DA.. ## 6. LA OFERTA AGREGADA LA OFERTA AGREGADA is the total amount of goods that companies in a country are willing to produce and sell at every price level. ## The curve of aggregate supply The AGGREGATE SUPPLY CURVE tells us the total amount of goods and services offered for sale in the economy at each price level. ## Changes in aggregate supply When there are changes in aggregate supply the country's production possibilities are varying. - **1. General price level.** - **2. The quantity of available factors.** - **3. Productivity (quality of factors)** - If there is more productivity, it means that we can produce more with the same resources, and OA increases. - Productivity can be improved through: - Worker training. - Technological progress. - If productivity falls, the OA decreases. - **4. The price of production factors.** - If the price of production factors decreases, it will be more profitable to produce, and the OA will increase. - Conversely, if the price of production factors rises, the OA will decrease. ## 7.EL EQUILIBRIO MACROECONÓMICO MACROECONOMIC EQUILIBRIUM occurs when the amount of goods in a country are equal to the amount of goods demanded by consumers, companies, the government, and the international market. ## ¿Why might a country be below its potential? - **1. Not every productive factor is used.** - **2. Factors aren't being used efficiently.** ## The economic crisis of demand. ## Changes in equilibrium due to shifts in demand. Factors which can cause a shift in the demand curve are: - Expectations - Wealth - Interest Rates (monetary policy) - Public spending (fiscal policy) - Taxes and transfers (fiscal policy) - Net exports ## The expansions of demand. The expansion of demand occurs when the aggregate demand curve shifts to the right. ## Changes in Equilibrium due to Changes in Supply - **Quantity of available factors.** - **Price of factors.** - **Productivity (quality of factors)** ## The crisis of supply The crisis of supply occurs when the aggregate supply curve shifts to the left. ## The expansions of supply. The expansion of supply occurs when the aggregate supply curve shifts to the right. ## Actividad resuelta 6, 7, 8 y 9. - Caso 1: - Caso 2: - Caso 3: - Caso 4: ## Actividad resuelta 7. ## Actividad resuelta 8. ## Actividad resuelta 9. ## Actividad de autoevaluación. ## 14. EL BCE Y EL EUROSISTEMA - The Eurosystem consists of the European Central Bank (ECB) and the national central banks of the eurozone countries (those that have adopted the euro). ## 15. LA POLÍTICA MONETARIA - MONETARY POLICY is the set of measures taken by the ECB to control the amount of money in circulation and interest rates, and thus affect aggregate demand to achieve different macroeconomic goals (growth, employment, price stability, budget balance, and external balance). - **The main objective of the ECB** - Increasing growth and employment are also goals of the ECB, but they are secondary. ## Instruments of the ECB. - **1. Open market operations.** - **2. The legal reserve requirement.** - **3. Permanent facilities** - **Types of monetary policy** - **Type 1. Expansionary Monetary Policy.** - **Type 2. Contractive Monetary Policy** - **Effects of monetary policy** ## Ejercicio de clase 10. - Política monetaria. ## Actividad de autoevaluación. ## UNIDAD 9. DINERO, INFLACIÓN Y ## POLÍTICA MONETARIA. ### Contenido - El dinero - The types of interest: the price of money. - The demand for money. - The money supply. - The process of money creation. - The financial system. - The level of prices and purchasing power. - Inflation and its consequences. - Deflation. - Measuring Inflation. - Unemployment and inflation: two bad twins. -The BCE and the Eurosystem. - Monetary policy. ## 1. EL DINERO - What is money and how did it come about? - Bartering: with you it all began. - **Problems with bartering** - **The money: the oil of the economy:** - **Money eliminates the problems of bartering:** ## Ejercicio de class 10. - Policy money. ## Actividad de autoevaluación. ## 8. LA MACROECONOMÍA ### Contenido - The macro-economy. - The economic situation of the country. - Gross Domestic Product (GDP). - Measuring GDP - The importance of GDP: Growth. - Limitations of GDP as an indicator of quality of life. - Aggregate demand. - Aggregate supply. - Macroeconomic equilibrium. ### Ejercicio de clase 1. Micro or macro? Indicate which of these news items are studied by microeconomics and which by macroeconomics. - Jesus prefers to work before continuing his studies. - The government raises the income tax. - Fruit prices increased during the pandemic. - The Coca Cola company laid off 360 workers in Spain. - The government will provide aid to bars and restaurants. - The prices of the shopping basket are similar to those of last year. - The country's production decreased by 11% in the last year. - The State raises taxes on gasoline. # 2. THE ECONOMIC SITUATION OF THE COUNTRY The overall economic situation is important for families, businesses, and the government. ### FAMILIES - In a favorable situation, families are optimistic about the future and consume more, which benefits companies because they can earn more money. ### BUSINESSES - If the situation is good, companies will expand their businesses and hire more workers. If the situation is bad, the opposite will happen, and companies may lay off workers. ### STATE - The policies the government implements will vary greatly depending on whether the economy does well or poorly. ## Macroeconomic objectives | Feature | Description | Measure | |---|---|---| | Production growth | The more goods that are produced, the more needs are met. | GDP | | Employment | Having a job enables people to have a source of income. | Unemployment rate | | Price stability | Rising prices harm those who have less. | IPC | | Budget Balance | If the government spends too much, it will have to borrow money and pay interest. | Public Budget Deficit | | External balance | When a country buys more from abroad than it sells, there is an outflow of money. | Balance of payments | ## 3. GROSS DOMESTIC PRODUCT (GDP) - GDP is the total monetary value of goods and services produced within the borders of a country for the market in a given period of time, usually a year. ### Total monetary value - At a specific time - For the market - Of goods and services - Finales ### 1. Total monetary value ... The GDP adds up all goods using their market price. That is, the value of all goods produced in euros (or dollars, pesos, etc.) is added. ### 2.... of all the goods and services... The GDP adds up all the goods and all the services. ### 3. ... final. - The GDP only counts final goods, goods sold to consumers. Intermediate products, goods companies buy to transform and produce the final product, are not counted. ### 5. ...Within the borders of the country... - The Spanish GDP measures the goods and services produced within Spain, regardless of whether the production is done by Spaniards or foreigners. ### 6. ...For the market... - The GDP only counts goods and services produced for the market. Services that people do for themselves, like washing their car, are not counted. ### 7. ...in a specific period. The GDP measures production over a specific time, usually a year. ## 4. MEASURING GDP. To calculate the GDP, we have three methods: ### METHOD GASTO We can divide production into four categories based on who buys the products. That is, the GDP BY THE GASTO METHOD is the sum of all spending made on goods and services by: households, companies, the public sector, and foreigners. - PIB = C + I + G + (X −M) - CONSUMO (C): Spending on goods and services purchased by households (excluding housing). - INVESTMENT (I): Spending by companies on equipment and households on homes. - PUBLIC SPENDING (G): Spending by the government on the purchase of goods, payments to personnel, and infrastructure. - NET EXPORTS (X-M): Is the spending of foreigners on the purchase of goods made within our country (exports) minus the spending by Spaniards outside of the country (imports). ### METHOD INGRESO OR RENTA The GDP BY THE METHOD RENTA is the sum of all income or earnings that households receive for providing factors of production. - PIB = salaries + rents + interest + benefits - PIB = RA + EBE - SALARIES: Income that workers receive for their labor. - RENTS: Income received for the rental of land and other properties. - INTEREST: Income earned by those who lent their savings to companies and the government. - BENEFITS: Income earned by business owners after paying for salaries, rent, and interest. ### METHOD PRODUCTION OR VALUE ADDED If we know that the PIB was calculated by adding the total amount that was bought up (metodo gasto), can we calculate PIB by summing all the sales? This would be possible if all businesses produced directly for the end consumer, that is, if there were no business-to-business purchases. When a company sells to another company, it is really selling an intermediate product, as the purchasing company will use this good or service to produce another. For example, some companies produce tires and sell them to car manufacturers. If we add up everything produced by both types of businesses, we would be counting the same product twice (the wheels are part of the car). That is, if we add the sales of tires and then the sale of a car, we would be counting the wheels twice. ## Equivalence of PIB calculation methods - **MÉTODO GASTO:** Accounts for the purchase of products at their market price. This gives us the PIB at market prices (PIBpm). We must bear in mind that these market prices include indirect taxes when buying the product (such as VAT). - **MÉTODO INGRESO:** Accounts for the sum of all income generated in a country, is the cost of all factors of production. So, this method gives us the PIB at factor cost (PIBcf). Therefore, this PIBcf does NOT include indirect taxes. - **MÉTODO PRODUCCIÓN:** Accounts for the sum of value-added by all businesses, also at factor cost. ## ¡ATENCION!!! To make sure the three calculation methods are equivalent, we need to consider indirect taxes within the income and production methods. For example, to make sure that the Income Method and Production Method are equivalent to the PIBpm (PIB at market prices), we need to add indirect taxes (Ti) that are paid when buying the product and deduct subsidies. To do this, we use the following calculation: PIBcf + Ti - Subv = PIBpm The three methods lead to the same result (PIB at market prices). ## Anexo: magnitudes that arise from PIB - **Moving from market prices to factor cost (and vice versa)** - The PIB at market prices tells us the price the consumer pays. However, the PIB at factor cost shows us how much it cost to produce the product right out of the factory. - **Moving from gross to net (and vice versa)** - **Moving from domestic to national (and vice versa)** - The PIB measures what is produced within the borders of the country (by nationals or foreigners). However, the PNB (gross national product) measures what is produced by nationals (within or outside of the country). - **Moving from National to Per Capita** - **Dividing the PIB by the number of residents in a country.** ## 7. LA DEMANDA AGREGADA LA DEMANDA AGREGADA is the total demanded by consumers, companies, foreigners, and the government within a country at any given time. It is the sum of Consumption, Investment, Public Spending, and Net Exports. This is the TOTAL SPENDING. - DA = C + I + G + (X-M) ## The curve of Aggregate Demand The AGGREGATE DEMAND CURVE tells us how much is demanded of goods and services by all economic agents at each price level. ## Changes in Aggregate Demand Aggregate demand will shift whenever there is a change in one of its four components, including: consumption, investment, public spending, and net exports. - **1. General price level**. - If the average price level of the economy falls, economic agents will have greater purchasing power (can buy more things with the same income) and the DA will increase. - If prices rise, the DA will decrease.. - **2. Expectations** - If companies believe that the economy will improve, they will invest more. If consumers believe that they will earn more money in the future, they will spend more. - Increased expectations increase DA, and decreased expectations decrease DA. - **3. Changes in wealth** - **4. Interest rates (monetary policy)** - If interest rates fall, households and companies borrow more, which increases consumption and investment, which increases DA. - If interest rates rise, less is borrowed, and DA falls. - **5. Public spending (fiscal policy)** - If the government decides to increase spending, DA increases. - Decreasing public spending will have the opposite effect. - **6. Taxes and transfers (fiscal policy)** - If the government reduces taxes and increases transfers, households will have more income and they will spend more. - Companies increase investments and DA increases. If taxes go up and transfers are reduced, DA falls. - **7. Net Exports** - If exports rise, there is more spending within the country, and DA increases. - The same happens if imports decrease. - If there is a larger difference between exports and imports (net exports), there will be an increase in DA.. ## 6. LA OFERTA AGREGADA LA OFERTA AGREGADA is the total amount of goods that companies in a country are willing to produce and sell at every price level. ## The curve of aggregate supply The AGGREGATE SUPPLY CURVE tells us the total amount of goods and services offered for sale in the economy at each price level. ## Changes in aggregate supply When there are changes in aggregate supply the country's production possibilities are varying. - **1. General price level.** - **2. The quantity of available factors.** - **3. Productivity (quality of factors)** - If there is more productivity, it means that we can produce more with the same resources, and OA increases. - Productivity can be improved through: - Worker training. - Technological progress. - If productivity falls, the OA decreases. - **4. The price of production factors.** - If the price of production factors decreases, it will be more profitable to produce, and the OA will increase. - Conversely, if the price of production factors rises, the OA will decrease. ## 7.EL EQUILIBRIO MACROECONÓMICO MACROECONOMIC EQUILIBRIUM occurs when the amount of goods in a country are equal to the amount of goods demanded by consumers, companies, the government, and the international market. ## ¿Why might a country be below its potential? - **1. Not every productive factor is used.** - **2. Factors aren't being used efficiently.** ## The economic crisis of demand. ## Changes in equilibrium due to shifts in demand. Factors which can cause a shift in the demand curve are: - Expectations - Wealth - Interest Rates (monetary policy) - Public spending (fiscal policy) - Taxes and transfers (fiscal policy) - Net exports ## The expansions of demand. The expansion of demand occurs when the aggregate demand curve shifts to the right. ## Changes in Equilibrium due to Changes in Supply - **Quantity of available factors.** - **Price of factors.** - **Productivity (quality of factors)** ## The crisis of supply The crisis of supply occurs when the aggregate supply curve shifts to the left. ## The expansions of supply. The expansion of supply occurs when the aggregate supply curve shifts to the right. ## Actividad resuelta 6, 7, 8 y 9. - Caso 1: - Caso 2: - Caso 3: - Caso 4: ## Actividad resuelta 7. ## Actividad resuelta 8. ## Actividad resuelta 9. ## Actividad de autoevaluación. ## 14. EL BCE Y EL EUROSISTEMA - The Eurosystem consists of the European Central Bank (ECB) and the national central banks of the eurozone countries (those that have adopted the euro). ## 15. LA POLÍTICA MONETARIA - MONETARY POLICY is the set of measures taken by the ECB to control the amount of money in circulation and interest rates, and thus affect aggregate demand to achieve different macroeconomic goals (growth, employment, price stability, budget balance, and external balance). - **The main objective of the ECB** - Increasing growth and employment are also goals of the ECB, but they are secondary. ## Instruments of the ECB. - **1. Open market operations.** - **2. The legal reserve requirement.** - **3. Permanent facilities** - **Types of monetary policy** - **Type 1. Expansionary Monetary Policy.** - **Type 2. Contractive Monetary Policy** - **Effects of monetary policy** ## Ejercicio de clase 10. - Política monetaria. ## Actividad de autoevaluación. ## UNIDAD 9. DINERO, INFLACIÓN Y ## POLÍTICA MONETARIA. ### Contenido - El dinero - The types of interest: the price of money. - The demand for money. - The money supply. - The process of money creation. - The financial system. - The level of prices and purchasing power. - Inflation and its consequences. - Deflation. - Measuring Inflation. - Unemployment and inflation: two bad twins. -The BCE and the Eurosystem. - Monetary policy. ## 1. EL DINERO - What is money and how did it come about? - Bartering: with you it all began. - **Problems with bartering** - **The money: the oil of the economy:** - **Money eliminates the problems of bartering:** ## Ejercicio de class 10. - Policy money. ## Actividad de autoevaluación.